In today's society, we're experiencing a steady increase in the number of users who utilize the Internet and technology each and every day. As a result, businesses are looking more to technology in order to stay efficient in their business practices. While technology is convenient in many ways, it also exposes businesses to cyberattacks.

According to the Poneman Institute's Cost of Cyber Crime Study, there was an 18% increase in the number of cyberattacks in 2013, and a report by Symantec on internet security found that 61% of small and midsize businesses experienced a cyberattack in 2013. Hackers are constantly looking to disrupt business operations; hence, it is more important than ever to prepare organizations for potential security breaches.

If sensitive or protective data finds itself into the wrong hands, it can result in claims expenses for which businesses will be liable. This could include identity theft, fraud and other cyber-related crimes. Organizations of all sizes and in every industry are exposed to cyber-related breaches, which can cost companies millions of dollars each year. While the types of threats remain relatively the same, there are some emerging risks and trends in cyber liability that businesses should take into account.